The Bahamas has long suffered from a costly and inefficient power supply which continues to be an impediment to economic and social development. To address this, The Bahamas is transitioning to non-oil and renewable energy, including sourcing 30 percent of its energy needs through renewables by 2030, providing financial incentives for household solar, and transitioning directly to solar on less populated islands. The Bahamas is transitioning from diesel to liquified natural gas (LNG) on its most populated island of New Providence and recognizes LNG as a bridge to renewables adoption. The government announced plans for a 70-megawatt installation on New Providence as part of this transition. The government is also committed to transitioning its fleet to electric vehicles and retrofitting government buildings with renewable energy systems. These renewable energy efforts are supported by a $9 million EU grant and an $80 million IDB loan. In April 2022, the government announced plans to become the first country in the world to sell blue carbon credits to finance renewable energy and climate-resilient infrastructure.
Promising sub-sectors include utility-scale non-oil (particularly LNG) and renewable energy, renewable energy products and services (particularly solar), energy efficiency products and services, multi-fuel power plant equipment, hybrid and electric vehicles, and smart meters.
Sustainable Energy Association of The Bahamas (SEAB)